McGraw-Hill’s Dodge Momentum Index Slips in August

The Dodge Momentum Index retreated 1.4% in August compared to July, according to McGraw-Hill Construction. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. The August Momentum Index came in at 96.8 (2000=100), down from July's revised 98.1. Despite the month's pullback, the index remains 21.4% ahead of its level a year earlier. Details